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What Is The
VA Funding Fee? |
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The "VA Funding Fee" is a fee charged by the lender, which is 2.00 percent
of the loan amount (2.75 percent for reservists), and is paid at the time of loan closing.
This fee may be included in the loan and paid from the loan proceeds!!!
The funding fee does not have to be paid by veterans receiving VA compensation for
service-connected disabilities, or who but for the receipt of retirement pay would be
entitled to receive compensation for service-connected disabilities, or surviving spouses
of veterans who died in service or from a service-connected disability. |
If a veteran makes a down payment of at least 5 percent, but less than 10 percent
of the purchase price of the property, the funding fee is reduced to 1.50
percent of the loan amount (2.25 percent for reservists). If the veteran
makes a down payment of at least Ten (10%) percent, the funding fee
is reduced to 1.25 percent of the loan amount (2.00 percent for reservists).
If a veteran who has previously obtained a VA home loan obtains another loan with
less than a 5 percent downpayment, the funding fee is 3.00 percent of the loan amount.
With a down payment of at least 5 percent, the funding fee is reduced to the percentages
shown above for down payments of at least 5 percent, but less than 10 percent, and for
down payments of more than 10 percent. ... Whewww!! |
• Nellis Air Force Base • |
"Home Of The Fighter Pilot!" |
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